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Do you have Insurance?


Right at the top of every farm or business insurance policy is the “Named Insured”. Simply put, this is who can make a claim against this policy if they have an insurable interest, meaning they have a financial tie to the property and operations that the policy is covering. Typically, the name will be the owners of the farm or if it is incorporated the legal farm name.

Very often there are more names than just one that should be on the policy. Should there be sons or daughters named on the policy? Should there be legal partnership names, corporations and/or associated corporations named on the policy? These are all individual legal entities therefore they may own property and or have legal liability exposures and without them being named on the policy, they would not have coverage.

One “liability” example, is a liability claim for a collision between an out of province truck tractor and a son who was driving the family farm tractor, who was using the tractor to farm his own land. However, this son lives in his own house in town, having only Homeowners Insurance, (which does not provide farm liability) he has no insurance policy to cover his legal, court and judgement costs. All he needed to do was have his name added to the family farm policy as an “additional named insured” and the insurance company would have defended and paid all related costs.

One “property” example, is the above farm tractor in the collision.  Let’s say the farm tractor is owned by the son.  Since his name is not on the family farm insurance policy, and he does not have his own farm policy, the tractor is not insured.

There are numerous everyday examples of situations that could cause problems. Keep this in mind when you make changes to your farm principles!

Be sure to seek advice and purchase insurance from those who understand your business!